Updated

Global equity markets extended an AI-fueled rally, with Taiwan's Taiex benchmark hitting a record intraday high on tech-sector gains following a similar advance on Wall Street. U.S. stocks also posted strong headline gains, but analysts flagged warning signs beneath the surface: roughly 60% of S&P 500 constituents remain more than 20% below their all-time highs, and market internals showed patterns not seen since 1999, suggesting the rally is being driven by a narrow set of mega-cap tech and AI names rather than broad participation. The divergence between headline index strength and weak market breadth has raised questions among strategists about the sustainability of the AI-driven advance, even as investors continue to pour into names tied to artificial intelligence infrastructure and services.